TISAB Rechtsanwaltsgesellschaft mbH (TISAB) filed the first German multi-billion Euro lawsuit against Volkswagen AG at the exclusively competent Regional Court in Brunswick, yesterday, on Monday afternoon. The subject-matters of this lawsuit are several breaches of duty on the capital market committed by Volkswagen AG concerning the timeframe between June 6, 2008 and September 18, 2015. The 278 claimants are exclusively institutional investors from all over the world, amongst others are investors from Australia, Austria, Canada, Denmark, France, Italy, Japan, Luxemburg, the Netherlands, Norway, Sweden, Switzerland, UK, USA and Taiwan. These include inter alia 17 German financial investment management companies, insurance companies as well as CalPERS, one of the largest Pension Funds in the US. According to German law, these had to opt-in in order to join the lawsuit.
The value of the claim amounts to 3.255.002.361,66 Euros. The lawsuit is being funded by an international consortium consisting of Claims Funding Europe (www.claimsfundingeurope.eu), DRRT (www.drrt.com); Grant & Eisenhofer (www.gelaw.com) and Kessler Topaz Meltzer & Check, LLP (www.ktmc.com).
TISAB is a sister law firm of TILP with its office in Tuebingen. “Due to the fact that – according to our information and experience - Volkswagen AG persistently denies any settlement negotiations and also refuses to waive the statue of limitation defense until now, it was necessary to file this first multi-billion Euro lawsuit. We are pleased that so many institutional entities from all over the world have mandatedus to represent them in this lawsuit“, explains Andreas Tilp, managing partner of TISAB and TILP. „Also with this lawsuit we filed a motion for a model case to initiate KapMuG-proceedings because this will significantly enhance the chances for claimants according to our experience“ adds Tilp, whose law firm TILP has already successfully conducted model case proceedings against large German enterprises such as Deutsche Telekom AG or Hypo Real Estate Holding AG..
Due to the fact that on September 19, 2016, significant material claims threaten to lapse under the respective statute of limitation period, the aforementioned consortium of funders will finance further lawsuits for institutional entities against Volkswagen AG, represented by TISAB. For this purpose another more than 20 institutional investors with damage claims totaling more than one billion Euro have approached us. As is well-known, the TILP law firm already filed the first shareholder claim against VW on October 1, 2015. This claim was based on VW’s failure to publish ad hoc information in connection with the so-called emissions scandal in due time. TILP achieved that with its statement of defense as of February 29, 2016 the Volkswagen AG itself has now requested the initiation of KapMuG-proceedings. Against this background a model case proceeding becomes apparent with the utmost probability. This proceeding then will be tried at the Higher Regional Court in Brunswick.